食品饮料 26 年春季糖酒会&近期更新反馈：分化中破局，底部萌生机 证券研究报告 | 行业周报 gszqdatemark 2026 03 29 年 月 日 投资建议：1、白酒：春糖呈现产业结构分化、酒企回归理性、报表持续 出清的趋势，茅台变革引领、五粮液控量挺价，短期建议关注一季报反馈， 中期把握配置机遇：1）首推行业龙头、变革先锋：贵州茅台；2）关注供 给出清：五粮液、山西汾酒、古井贡酒、迎驾贡酒、泸州老窖等、今世缘、 金徽酒、珍酒李渡等。2、大众品：产品聚焦健康功能升级，渠道着力变 革挖掘增量，餐饮链修复贯穿全年，聚焦复苏与成长双主线：1）复苏主 线大餐饮链、乳制品等β弱修复可期：安井食品（A+H）、海天味业（A+H）、 宝立食品、燕京啤酒、重庆啤酒、华润啤酒、青岛啤酒、巴比食品、新乳 业、伊利股份、三元股份、仙乐健康等；2）成长主线布局零食、饮料及 α个股：鸣鸣很忙、万辰集团、卫龙美味、盐津铺子、西麦食品、有友食 品、农夫山泉、东鹏饮料、安琪酵母、泉阳泉、H&H 国际控股。 白酒：春节延续分化、底部持续出清、行业换轨发展、龙头韧性成长。本 周一年一度春季糖酒会在成都召开，从产业趋势来看，2026 年春季 ...

[Table_Page] 投资策略周报|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 2026 春糖会反馈—零食连锁 [Table_Summary] 核心观点： 风险提示：宏观经济不及预期；消费力恢复不及预期；食品安全问题。 | [Tab le_ Grad e] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-29 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]符蓉 SAC 执证号：S0260523120002 SFC CE No. BWC944 021-38003552 furong@gf.com.cn 分析师： 胡慧 SAC 执证号：S0260524020002 15851852818 huhui@gf.com.cn 分析师： 周源 -14% -6% 1% 9% 16% 24% 03/25 06/25 08/25 11/25 01/26 03/26 食品饮料 沪深300 fzzhouyuan@gf.com.cn 请注意，胡慧,周源并非香港证券及期货事务监察委员会的 注册持牌人， ...

食品饮料行业 行业研究 | 行业周报 食品饮料：下游反弹，白酒优先 食品饮料行业周报 核心观点 投资建议与投资标的 上游主线： 1）农产品加工：相关标的中粮科技(000930，未评级)、安德利(605198，未评级)、冠农 股份(600251，未评级)、祖名股份(003030，未评级)； 李耀 执业证书编号：S0860525100001 香港证监会牌照：BXH218 liyao@orientsec.com.cn 021-63326320 2）食品原料供应商：华康股份(605077，未评级)、晨光生物(300138，未评级)、阜丰集 团(00546，未评级)；3）牧业：推荐优然牧业(09858，买入)，相关标的现代牧业 (01117，未评级)； 下游主线： 1）白酒，推荐山西汾酒(600809，买入)、五粮液(000858，买入)、舍得酒业(600702， 买入)、今世缘(603369，买入)、古井贡酒(000596，买入)、贵州茅台(600519，买入)； 2）餐饮供应链：推荐颐海国际(01579，买入)、千味央厨(001215，增持)，华润啤酒 (00291，买入)、青岛啤酒(600600，买入)，相关标的 ...

食品饮料行业 行业研究 | 行业周报 食品饮料：下游反弹，白酒优先 食品饮料行业周报 核心观点 投资建议与投资标的 上游主线： 1）农产品加工：相关标的中粮科技(000930，未评级)、安德利(605198，未评级)、冠农 股份(600251，未评级)、祖名股份(003030，未评级)； 2）食品原料供应商：华康股份(605077，未评级)、晨光生物(300138，未评级)、阜丰集 团(00546，未评级)；3）牧业：推荐优然牧业(09858，买入)，相关标的现代牧业 (01117，未评级)； 下游主线： 1）白酒，推荐山西汾酒(600809，买入)、五粮液(000858，买入)、舍得酒业(600702， 买入)、今世缘(603369，买入)、古井贡酒(000596，买入)、贵州茅台(600519，买入)； 2）餐饮供应链：推荐颐海国际(01579，买入)、千味央厨(001215，增持)，华润啤酒 (00291，买入)、青岛啤酒(600600，买入)，相关标的锅圈(02517，未评级)、安井食品 (603345，未评级)、千禾味业(603027，未评级)、海天味业(603288，未评级)； 3）乳制品：推荐新 ...

研究报告 Research Report 27 Mar 2026 中国必需消费 China (A-share) Staples 中国必选消费品 3 月价格报告：白酒批价跌多涨少，婴配粉外大众品均加大折扣 Wholesale prices of baijiu show more declines than gains, general consumer goods aside from infant formula are increasing discounts [Table_yemei1] 观点聚焦 Investment Focus | 股票名称 | 评级 | 股票名称 | 评级 | | --- | --- | --- | --- | | 贵州茅台 | Outperform 古井贡酒 | | Outperform | | 贵州茅台 | Outperform 燕京啤酒 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 五粮液 | Outperform 今世缘 | | Outperform | | 海天味业 | Outperform 重庆啤酒 ...

识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 风险提示。宏观经济不及预期；消费力恢复不及预期；食品安全问题。 972918116公共联系人2026-03-25 13:58:42 1 / 11 [本报告联系人： Table_C ontacter] [Table_Page] 行业专题研究|食品饮料 2026 年 3 月 25 日 证券研究报告 [Table_Title] 食品饮料行业 | | | 2026 | | 春糖会反馈：行业磨底，期待改善 | | --- | --- | --- | --- | --- | | 分析师： [Tabl | 符蓉 | 分析师： 郝宇新 | | 分析师： 廖承帅 | | e_Author] | SAC 执证号：S0260523120002 | | SAC 执证号：S0260523120010 | SAC 执证号：S0260524070009 | | | SFC CE.no: BWC944 | | SFC CE.no: BVZ687 | | | | 021-38003552 | | 021-38003553 | 021-38003816 | | | furong@gf.com.c ...

第五届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏今世缘酒业股份有限公司（以下简称"公司"）第五届董事会第十九次会议于 2026年3月24日以通讯表决方式召开，会议通知已于2026年3月21日以电子邮件、专人送 达或电话通知等方式发出。本次会议应参与表决董事12人，实际参与表决董事12人，会 议的召开程序符合《公司法》及公司《章程》的要求。本次会议由董事长顾祥悦先生主 持，会议审议并作出如下决议： 一、审议通过了《关于公司部分组织架构优化调整的议案》 为更好地推动"省内精耕攀顶、省外攻城拔寨"战略落地，提升新形势下适配消费 需求、抢抓市场机遇的组织力，整合资源配置，提高公司运营效率和管理水平，公司对 部分涉及营销后台保障的组织及职能进行优化调整。具体情况如下： 1.新成立品牌传播管理部，负责公司品牌管理体系完善、品牌与产品宣传、新媒体 运营、企业形象维护、舆情管理、宣发内容审核及硬广媒介资源的统一管理，销售部的 硬广媒介管理职能和原文化部的品牌管理、融媒体运营等职能划入该部门。 2.新成立数 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The retail sales growth has accelerated, with a focus on feedback from the Spring Sugar Festival. The report suggests that the overall rhythm of the liquor industry is expected to improve on a month-on-month basis, with key recommendations including leading companies like Kweichow Moutai and others focusing on supply clearance [1][2] - The beer sector is witnessing a recovery, with a notable increase in beer production and the launch of new products, indicating a positive trend in consumer demand [3] - The food sector shows a recovery in retail sales, particularly in the restaurant segment, which is expected to drive opportunities in related supply chains [4][7] Summary by Sections Liquor Industry - Jinhuijiu reported a revenue of 2.918 billion yuan for 2025, a year-on-year decrease of 3.4%, while Shide Jiuye reported a revenue of 4.42 billion yuan, down 17.5% year-on-year. The report highlights a significant divergence in performance among liquor companies, with Kweichow Moutai leading the recovery through reforms [2] - Jinhuijiu's product structure upgrade is notable, with high-end products (above 300 yuan) increasing by 25.21% year-on-year, while low-end products (below 100 yuan) decreased by 36.88% [2] Beer and Beverage Sector - In the beer segment, the cumulative production of major enterprises reached 5.797 million kiloliters in January-February 2026, reflecting a year-on-year growth of 6.5%. The launch of the new Yanjing A10 product is expected to enhance market presence [3] - The beverage sector is characterized by intense competition, with companies launching new products to capture market share. Notable new releases include flavored waters and teas targeting specific consumer scenarios [3] Food Sector - Retail sales in the food sector increased by 2.8% year-on-year in January-February 2026, with restaurant income growing by 4.8%. This growth is attributed to the recovery of consumer spending and seasonal factors [4][7] - Wanchen Group reported a record high net profit margin of 5.7% in Q4 2025, indicating strong profitability and market expansion potential [7]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the CSI 300 index by more than 5% over the next six months [52]. Core Viewpoints - The darkest hour for the liquor industry has passed, and a sustained recovery is expected in 2026. The industry has moved past the excessive growth phase, with excess returns increasingly coming from price adjustments. The Producer Price Index (PPI) and the price of Moutai show a high degree of correlation, suggesting a recovery in pricing dynamics [4][19]. - Moutai's reform focuses on direct consumer engagement and returning pricing to its consumption attributes. The introduction of the 1499 yuan Moutai is expected to stimulate consumer demand and help clear excess inventory in the market [4][34]. - The current valuation of the liquor sector is low, with a price-to-earnings (PE) ratio of 18.1X as of March 13, which is below the median of 25.2X and the average of 27.1X since 2012, indicating a strong downside support [41][50]. Summary by Sections Liquor Cycle Status - The liquor industry is at a turning point, with expectations of a recovery starting in 2026. The PPI has shown a narrowing decline since July 2025, indicating a potential bottoming out of the price cycle [4][19]. - Historical data shows that the liquor cycle is closely related to real estate investment trends, with previous downturns linked to economic slowdowns and policy changes [10][22]. Moutai Reform - Moutai is restructuring its product offerings into a pyramid model, focusing on different consumer segments. The marketing strategy includes a mix of self-sale, distribution, and consignment to enhance market reach [25][27]. - The pricing strategy for Moutai's products is being adjusted to reflect market conditions, with the 1499 yuan price point aimed at enhancing consumer access and clearing inventory [28][32]. Investment Value of Liquor - The liquor sector is characterized by low valuations and low expectations, with a significant portion of investment funds currently underweight in the sector. The dividend yield for high-end liquor companies ranges from 3.5% to 5.5%, providing support for stock prices [45][50]. - The report highlights three main investment lines: high-end liquor with stable demand, mid-range liquor benefiting from national expansion, and local market-focused liquor brands [50].

Core Insights - The report emphasizes that the white liquor sector is entering a demand off-season, suggesting a focus on undervalued stocks with strong alpha potential [1] - It highlights the gradual recovery of domestic demand, with expectations for a mild rebound in sales due to supportive government policies [2] - The report recommends monitoring the price trends of Feitian Moutai as a key indicator of industry health, with expectations for price declines to stabilize [3] Industry Overview - Post-Spring Festival, consumer demand for white liquor has decreased, leading to performance pressure in Q1, with anticipated year-on-year declines in earnings [2] - The report notes that major liquor companies are focusing on maintaining market order during the off-season, with some firms adjusting their delivery schedules to manage inventory and pricing health [2] - The government has reiterated the importance of expanding domestic demand, which is expected to support the sector's recovery [2] Company-Specific Insights Guizhou Moutai - Guizhou Moutai's reform efforts are showing positive results, with sales performance exceeding market expectations, particularly among younger consumers [2] - The company is expected to maintain stable performance in Q1 2026, with a focus on cultivating independent consumption scenarios through non-standard product sales [2] - The report projects Moutai's revenue for 2026 to be approximately 1758.8 billion yuan, with a net profit of around 870.9 billion yuan, reflecting a slight year-on-year increase [19] Wuliangye - Wuliangye is expected to see a decline in revenue and net profit in 2026, with projections of 758.2 billion yuan in revenue and 256.6 billion yuan in net profit, reflecting a decrease of 15% and 19.4% respectively [20] - The company has improved its channel management during the Spring Festival, which has helped restore distributor confidence [20] - The report indicates that Wuliangye's price remains stable at around 810 yuan, with actual trading prices between 780-790 yuan [20] Luzhou Laojiao - Luzhou Laojiao's 38-degree Guojiao is performing steadily, with expectations for revenue and net profit to remain flat in 2026 at approximately 272.2 billion yuan and 113.4 billion yuan respectively [22] - The company plans to enhance its digital tools for management, aiming to maximize efficiency in its operations [22] - The report notes that the performance of lower-end products is improving, particularly in key consumption areas [22] Shanxi Fenjiu - Shanxi Fenjiu is projected to achieve revenue growth in the single digits for 2025 and 2026, with a focus on maintaining market order and enhancing channel profitability [24] - The company is expected to increase its operational pace post-Spring Festival, with a strategy to boost sales without overstocking [24] - The report highlights that Fenjiu's pricing for its Qinghua 20 product is expected to stabilize around 360-370 yuan [24]